SB464 Summary

• Amends Oklahoma income tax law (68 O.S. 2011, Section 2355) to establish a framework for reducing individual income tax rates beginning January 1, 2016.

• Sets top marginal income tax rate at 4.85% for single individuals and married couples filing jointly, with potential for annual 0.35% reductions if revenue conditions permit.

• Requires State Board of Equalization to conduct annual December determinations comparing estimated General Revenue Fund growth to estimated revenue loss from each 0.35% rate reduction.

• Permits tax rate reductions to proceed only when estimated revenue growth equals or exceeds the revenue loss from the reduction, continuing annually until the top rate reaches zero percent.

• Becomes effective January 1, 2016, and creates new statutory section 2355.1H to codify the revenue comparison methodology and Board duties.